What is the global market size of Hip Replacement Market?

Hip Replacement Market size was valued at USD 6.3 billion in 2021 and is poised to grow from USD 6.69 billion in 2022 to USD 10.8 billion by 2030, growing at a CAGR of 6.17% in the forecast period (2023-2030).

Hip Replacement Companies

Hip Replacement Market Competitive Landscape

Furthermore, prominent manufacturers are always improving their goods in order to attract new clients and increase their Procedure range in order to enhance their market position in all key nations. Aside from that, rising public and private support for specialized research provide market participants with profitable options. Furthermore, the increasing number of Procedure approvals, current implant developments, and technical improvements are some of the other aspects expected to contribute to a positive market outlook.

Top players in Global Hip Replacement Market are

Zimmer Biomet
Stryker
Smith & Nephew
Johnson & Johnson
DJO Global
MicroPort Scientific Corporation
Exactech
Waldemar Link GmbH & Co. KG
LimaCorporate
ConforMIS
Corin
Ortho Development
AK Medical
Groupe Lépine
Medacta
B. Braun Melsungen AG
OMNI Life Science
Kyocera Medical Corporation
Peter Brehm GmbH
Arthrex, Inc.

Hip Replacement Market

FAQs

Hip Replacement Market size was valued at USD 6.3 billion in 2019 and is poised to grow from USD 6.69 billion in 2023 to USD 10.8 billion by 2031, growing at a CAGR of 6.17% in the forecast period (2024-2031).

According to our research, In terms of hip replacement market revenue, Zimmer Biomet, DePuy Synthes, and Stryker led the way globally. Due to increasing sales of the company's hip implants, Zimmer Biomet had the largest market share. DePuy Synthes and Stryker, on the other hand, have a strong sales force, a focus on both organic and inorganic growth, and strategic alliances as the main reasons for their leadership positions. 'Zimmer Biomet', 'Stryker', 'Smith & Nephew', 'Johnson & Johnson', 'DJO Global', 'MicroPort Scientific Corporation', 'Exactech', 'Waldemar Link GmbH & Co. KG', 'LimaCorporate', 'ConforMIS', 'Corin', 'Ortho Development', 'AK Medical', 'Groupe Lépine', 'Medacta', 'B. Braun Melsungen AG', 'OMNI Life Science', 'Kyocera Medical Corporation', 'Peter Brehm GmbH', 'Arthrex, Inc.'

Adequate health coverage and health reimbursement policy change for joint replacement surgeries are expected to drive demand for hip implants. The governments of various nations have created various health reimbursement programmes for joint replacement procedures in order to provide inexpensive and high-quality treatment to all citizens. As a result, the number of persons receiving hip arthroplasty has increased, boosting the market.

The growing elderly population promotes the growth of the Hip Replacement Market. According to Eurostat, the European Union's statistical agency, more than 20.8% of the EU population will be 65 or older in 2021. Because of wear and strain and bone degeneration, the elderly is more vulnerable to orthopaedic disorders and injuries. Furthermore, because to reduced bone density and a weak ability to rebuild bones, elderly adults are more prone to bone fracture.

In 2022, the North American Hip Replacement market had a revenue share of more than 35%. Furthermore, throughout the projection period, North America is expected to lead the market. The rising number of hip Arthroplasty procedures and increased strategic partnerships among leading companies are the primary drivers of market development in North America. The market for hip prosthesis in Europe is expected to grow due to favourable health reimbursement, rising desire for personalised implants, and an increase in the number of procedures. The Asia Pacific market is expanding quicker as a result of factors such as manufacturers' collective attempts to create a presence in the Asia Pacific through a direct or indirect distribution network, as well as the launch of new goods.

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Hip Replacement Market Size, Share, Growth Analysis, By Procedure(Total, Partial, Revision & Hip Resurfacing), By End-use(Hospitals & Ambulatory Surgery Centres, Orthopaedic Clinics, Others), By Region - Industry Forecast 2024-2031

Hip Replacement Market Competitive Landscape

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Hip Replacement Market Size, Share, Growth Analysis, By Procedure(Total, Partial, Revision & Hip Resurfacing), By End-use(Hospitals & Ambulatory Surgery Centres, Orthopaedic Clinics, Others), By Region - Industry Forecast 2024-2031

Hip Replacement Market Competitive Landscape

Hip Replacement Market Report Snapshots

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